Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
0.25% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Westpac eSaver - last updated: 12 November 2021

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What's hot
  • No minimum balance
  • No account fees
What's not
  • Reverts to base rate of 0.05% p.a.
Mozo snapshot

If you’re ready to give your savings the boost it deserves, then major bank Westpac and its eSaver savings account is worth considering. This account features a special 0.25% rate for new customers for the first 5 months, after which it reverts to the standard 0.05% variable rate. There’s also no minimum balance required at the end of each month, allowing to make deposits at your own pace.

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Key features

Not only does this savings account feature a sweet introductory rate for new customers, which includes a 0.25% bonus rate on top of the 0.05% standard rate. There’s no monthly account-keeping fee and free, unlimited transactions available from your phone or online, as well as direct debits. Or if you prefer in-person assistance, the good news is there are no over-the-counter deposit and withdrawal fees either (just remember there is an overdrawn fee of $15). 

With this savings account, the interest is paid on the last business day of every month and there’s no minimum balance required each month. However, in order to use this account, you will need to open a Westpac Choice Account, which does require a minimum monthly deposit of $2,000.


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Who is it good for

The eSaver account is a great option for existing Westpac customers who are looking to kickstart their savings or new customers that will be able to meet the minimum deposit requirements of the Westpac Choice Account.

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Any catches

While this savings account does have a great introductory rate to help you get ahead with your financial goals, it does only last for 5 months before reverting to a rate of 0.05%. If you are going to be regularly putting money away, you might be better off with the Westpac Life Account, which has an ongoing bonus rate.


Details

Rates and fees information correct as at 8 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.05% p.a.

Balances from $0: 0.25% p.a.

Bonus rate for the first 5 months from account opening

Fees

$0.00

n/a

unlimited free transactions from phone and internet.

n/a

n/a

n/a

$0.00

$0.00

n/a

$0.00

$0.00

n/a

Other financial bits

$0.00

$0.00

Monthly

Features

no

none

no

no

no

no

no

yes

yes

no

no

Must link to a transaction account with this provider. $5 fee applies for all transactions except phone and internet banking

none

none

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About Westpac